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Mali's estimated gold reserves climb to 800 T -mines minister

Published 2016-03-21, 12:19 p/m
© Reuters. Mali's estimated gold reserves climb to 800 T -mines minister
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BAMAKO, March 21 (Reuters) - Mali has upgraded its estimated
below-ground gold reserves by a third to 800 tonnes, enough to
maintain current levels of output for the next 15 years, Mines
Minister Cheickna Seydi Diawara said.
The West African nation, Africa's third-biggest gold
producer behind South Africa and Ghana, achieved gold output of
50 tonnes last year. The government is seeking to increase
production to 60 tonnes in 2017.
Revenue from the precious metal account for about a quarter
of the national budget.
"Mali has established a mining sector that, since 2002,
produces 50 tonnes of gold per year. With resources of 800
tonnes and production at that rate, we have enough for another
15 years," he said on state television late on Sunday.
Mali estimated its gold reserves at 600 tonnes last year.
A mines ministry official said that exploration linked to
Canadian miner B2Gold Corp 's BTO.TO future Fekola mine and
London-listed Hummingbird Resources' HUMR.L Yanfolila project,
among others, was behind the increase in reserves.

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